Past the Event Horizon


Seasons greetings to everyone on here, posters, lurkers, and even …

Comment on Past the Event Horizon by neepheid.

Seasons greetings to everyone on here, posters, lurkers, and even the chaps from Media House.

I would like to express our grateful thanks to those intrepid souls who set this site up, and who have put a huge amount of their own time and energy into the project. I’m sure that at times it has seemed a thankless task for no reward, but as a result of those efforts we all have access to a brilliant forum which bypasses the smoke, mirrors and downright lies which sadly are the stock in trade of the Scottish Media. If anyone doubts the value of TSFM, just consider for a moment where we would be if the RTC forum had been wiped out with no successor. A very dark place, I would suggest. Which, of course, is where “they” want us- completely in the dark.

So to that small band of “seekers after truth” behind the scenes at TSFM, have a great Christmas, and know that your efforts are truly appreciated my many, many people.

neepheid Also Commented

Past the Event Horizon
Tartanwulver says: (475)
December 24, 2013 at 2:01 pm

Relative then said he didn’t think that it was possible to vote if you weren’t a shareholder, to which I didn’t know the answer. Can anyone give me a very short resume of what McCoist actually did so I can enlighten myself and my family?
Anyone who owns shares can sign a proxy form which allows someone else to exercise their voting rights in those shares. That is how the board managed to acquire over 65% of the votes at last week’s AGM. None of the institutions or mysterious offshore entities actually turned up, they just signed proxies in favour of the board and sent them in. Your relative can rest easy, Ally still owns every single share that he got for a penny a piece.

Past the Event Horizon
theoldshed says: (55)
December 24, 2013 at 10:45 am

Enough should have been enough when CO was re-elected to be honest.
That did it for me, I’m afraid. Any senior club in Scotland could have had my loyal support (and money) just by standing up against that utter travesty. I had high hopes that Clyde, Raith, or Stranraer might step up to the plate, but not one single club was prepared to break ranks. And to this day, I still can’t understand why. Tragic, really, because walking away from Scottish football was certainly not part of my retirement plans. However I am not prepared to be taken for a mug- well that’s how I see it anyway. A personal thing, of course, and I entirely respect the views of the many who disagree.

Past the Event Horizon
Exiled Celt says: (875)
December 23, 2013 at 7:09 pm
3 0 Rate This

Neepheid – but if I were an investor, would I not like to see what assets are held securely should they go to the wall? Kind of what is security over my investment? How can you vote on whether or not to sell TRFC to a SA company if you don’t know what exactly it is that is being sold? Or wound up even?
Good questions, firstly, if who goes to the wall? Do you mean TRFC? Your security, in that event, is the fact that RIFC will be overwhelmingly the largest creditor, so that when TRFC is wound up, RIFC get most if not all of the assets. I reckon that TRFC must owe RIFC about £30m by now. Any other creditors will be peanuts in comparison. And although the people running RIFC may not run a tight ship, they have their own interests to protect, and you can be sure that any administration of TRFC takes place after they have transferred the properties out. As with all things related to shares and the City, your security as a shareholder is simply the reliability of those in charge of the company. I won’t give a list of all the quoted companies where shareholder value has been wiped out by incompetent or corrupt directors- It wouldn’t be a short list, believe me.

There will be no shareholder votes on any actions the board decide on. It would take a large block of votes to even call an EGM, and what would be the point? The board would turn up for any egm with 65% of the votes in their pockets, just like the AGM. The board will clear any major action with the real people in charge, those who really own that 65%. In reality, the small shareholder is utterly powerless.

The IPO document made it clear, I think, that they were treating the whole group (RIFC and its subsidiaries) as one entity. I certainly remember a note to that effect. To do otherwise would have been pretty complex, given the prior history. As I said before, all the investors need to know is what the group as a whole owns. That’s what they are getting a share of, everything owned by RIFC PLC, and that includes TRFC and anything owned by it. So the investors all knew what the deal was. All the football stuff (and that includes the SFA membership) was owned at the time of the IPO by TRFC Ltd. But TRFC Ltd is 100% owned by RIFC PLC, so to an investor in RIFC PLC, they are getting a slice of whatever TRFC Ltd owns, because they have a slice of the company that 100% owns TRFC Ltd.

Recent Comments by neepheid

The Case for a New SFA.
Warburton recruits another of the Brentford backroom boys-

Looks like “Moneyball” is coming to Scotland with this one. And is there anyone left at Brentford- apart from former Ibrox Wonderkid Lewis Macleod?

Scottish Football: An Honest Game, Honestly Governed?

Just saw this after my previous post. It sort of ties in with my own thoughts on where this is going.

Scottish Football: An Honest Game, Honestly Governed?
I see that the RIFC share price has been on an upward trend for a few weeks now, it has reached 30p today from a low of 24p, admittedly on thin trading.

Am I being too cynical in thinking that the share price reflects the improved chances of RIFC getting rid of TRFC once and for all, while retaining the properties? If that can be done, and soon, then the shares look cheap at 30p. If it isn’t done, then all the future holds for the shares is dilution, as cash calls are made to keep TRFC afloat.

I think the market believes the football side is about to be ditched. I can’t make sense of a rising share price otherwise.

Podcast Episode 2 – Stuart Cosgrove
The Wallace statement just confirms for me that in business terms he is a lightweight, and that he is totally out of his depth in the Ibrox snakepit. Loads of words to say nothing- why not take the opportunity to answer King’s questions? The fact that he doesn’t confirm that the properties are unencumbered, for example, just invites the conclusion that they are, in fact, encumbered. To my simple way of thinking, anyway.

Podcast Episode 2 – Stuart Cosgrove
andy graham (@andygraham66) says:
Thursday, February 27, 2014 at 14:10

Sorry, I have just found the link within your post. Here it is anyway-

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